ALBANY, New York, September 24, 2018 /PRNewswire/ --
Baking ingredients are the items which are generally used for cooking baked foods. These ingredients not only makes the food look good aesthetically but also adds flavor and texture to the food. It has been noticed in last few years the demand for baked products has increased exponentially, which has directly made a positive influence on the global baking ingredients market. Baked items have over the years paved its way in our day to day life from breakfast table to the dinner table, thus has formed an important factor in our daily diet, this has helped in boosting the demand for baking ingredients across the globe. Changing food habits, product innovation, along with changing lifestyles has helped in raising the demand for baking ingredients.
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Another factor that has significantly helped the market to grow is the rise in disposable income across the world which has triggered the population to consume more baked goods, functional foods, and convenience foods. Preference for ready to eat foods such as sandwiches and wraps has increased recently due to busy lifestyle. This has further favored the growth of the global baking ingredients market. The market is prognosticated to expand at 4.9% of CAGR during the forecast period 2016-2024. With this pace the market is likely to value at US$18.1 bn by the end of the assessed period.
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Demand for Pizza And Pastries To Stoke The Market Growth
One of the major reason that is driving the global baking ingredients market is the increasing spending capability of youth. This has tremendously helped the pizza, cupcakes, pies, cakes, and buns business to grow significantly. Rise of these businesses have significantly helped the baking ingredients market to grow. It has been duly noted that these days, there is a high demand for healthy and nutritional ingredients in baked foods. For instance need for zero trans-fat, low cholesterol and low sugar level, and whole grains in baked product have burgeoned the demand available in market. The need for healthy food can be attributed to the rise in diabetes and obesity all over the world. Another factor that is helping the market to grow is the rising preference of western food over traditional food. Demand for ready to food has seen an incessant rise in past due to busy lifestyle.
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Rising Cases of Obesity and Diabetes to Plummet Down Market Growth
Rising cases of diabetes and obesity are raising concern among the consumer regarding eating outside food such as cakes, donuts, pies, breads, cupcakes, pizza, cookies, and pastries. Rising health conscious people all across the world is opting for healthier products such as cereals. This is likely to pose a serious threat to the global baking ingredients market. Rising awareness among the crowd to maintain a balanced diet in order to achieve a healthier lifestyle is making them go for home-made meals rather than dinning out. The market is also predicted to receive a blow by strengthen regulation and implementations of international quality standards.
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Rising Demand for Color Additives and Flavor to favors Growth of Market
On the basis of ingredients, the global baking ingredients market can be split into yeast, baking powder and baking soda, sweeteners, fats, flavors and color additives, flours, and others. It is predicted that the demand for flavor and color additives to rise owing to the rise in demand for exotic and luxury baked products specifically in the Europe and North America. On the basis of geography, Europe is likely to hold major share in the market. However, it has been noticed that Asia Pacific to become the fastest growing market in years to come, attributed to incessant rise in population and uptake of western culture.
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